Abstract
New Development Bank (NDB), the BRICS-led development bank, is tasked with implementing sustainable finance tools to pursue sustainable development among its member countries. With COVID-19 ravaging global and regional economies, it is imperative that NDB and its member states find long-term solutions through sustainable financing. NDB’s General Strategy: 2017- 2021 laid the foundation for operations to mitigate some of the development challenges, as stated in its annual report of 2020. Moreover, sustainable financing will continue to be used in the new strategy 2022-2026. Based on the conceptual framework of sustainable finance, the article tries to locate NDB’s role in generating amenable solutions to development problems in BRICS nations. The article appraises the previous results on development finance by NDB and puts forward the issues and challenges for its next strategic cycle (2022-2026). The author concludes that BRICS-led NDB has credible potential to fulfill the Sustainable Development Goals. Unlike other Bretton Woods Institutions, its policies such as “co-financing” and “multi-currency environment” are in accord with and complement the development visions of major developing economies (EMDCs) like India. In this study, the author employs data from secondary sources such as the latest publications on development economics, especially sustainable finance.
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